Global Household Appliances Market Report and Forecast 2024-2032

Global Household Appliances Market Outlook

The global household appliances market size was approximately USD 670.98 billion in 2023. The market is projected to grow at a CAGR of 5.2% between 2024 and 2032, reaching a value of nearly USD 1,059.20 billion by 2032.

Key Trends in the Market

A household appliance refers to an equipment or device that is created for a particular function or task. Such appliances are aimed at reducing the time and labour required for homemaking and housekeeping. Some common household appliances include air conditioners, televisions, vacuum cleaners, irons, washing machines, refrigerators, air purifiers, and blenders, among others.

• One of the key household appliances market trends includes the growing economies and evolving lifestyles of the global population, which is increasing the number of working individuals and nuclear households. In addition to this, rapid urbanisation has led customers to seek convenience and accessibility in their day-to-day lives, encouraging them to adopt products such as household appliances that can significantly reduce the effort and time needed for daily errands.

• The household appliances market growth is characterised by improved connectivity and automation. Technological developments such as artificial intelligence are increasingly being incorporated into home appliances to drive automation, thereby reducing the burden of housekeeping.

• Rising environmental concerns are leading to an increased adoption of eco-friendly appliances in households. Eco-friendly appliances are energy efficient, use a lesser amount of water, and reduce environmental footprint while saving money. The selection of appliances with high energy star ratings helps in reducing greenhouse gas emissions and energy consumption of households.

Market Analysis

Based on type, the household appliances market segmentation includes major appliances and small appliances. On the basis of distribution channel, the market can be divided into supermarkets and hypermarkets, convenience stores, speciality stores, and online, among others. The major regional markets for household appliances market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global household appliances market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• Robert Bosch GmbH

• LG Corporation 

• Samsung Electronics Co., Ltd 

• Sony Group Corporation

• Whirlpool Corporation 

• Hitachi, Ltd. 

• Panasonic Corporation 

• Toshiba Corporation 

• Midea Group 

• Electrolux AB 

• Haier Inc.

• Westinghouse Electric Corporation

• De' Longhi Group

• Nikai Group 

• Others

Market Share by Distribution Channel

Online channels account for a substantial portion of the household appliances market share. The growing digitisation across the globe has led to the widespread adoption of e-commerce channels for the purchase of household appliances. Online channels offer a distinct shopping experience aligning strictly with the customers’ requirements.

Meanwhile, speciality stores provide a wide range of products and brands under a single roof. In order to gain a competitive edge, speciality stores provide additional benefits such as consultations, increasing their customer retention rate.

Moreover, supermarkets and hypermarkets are increasingly expanding their offerings of household appliances due to their aim to become a one-stop store for all household items.  Supermarkets and hypermarkets also launch attractive promotions, thereby attracting more customers and sales.

Market Share by Region

As per the household appliances market analysis, the demand for household appliances in the Asia Pacific is expected to grow significantly in the upcoming years, primarily driven by growing economies such as China and India. China is considered the largest manufacturing base for household appliances in the world, constituting about 60-70% of the global production capacity.

Favourable initiatives laid out by the Chinese government for the renovation of old residential areas, housing for the elderly, and the development of convenient living communities are collectively aiding the consumption of household appliances. Moreover, the rising middle-class population, growing disposable incomes, and changing consumer preferences in the region are further contributing to greater demand for household appliances.

Competitive Landscape

Robert Bosch GmbH is a German company engaged in providing technology and services through its business segments, including mobility solutions, industrial technology, consumer goods, and energy and building technology. Through its consumer goods company, BSH Hausgeräte GmbH, the company offers a wide portfolio of household appliances such as washing machines and tumble dryers, refrigerators and freezers, ovens, cooktops, extractor hoods, dishwashers, vacuum cleaners, automatic coffee makers, and food processors.

LG Corporation, a South Korean company, developed its first domestic refrigerator in 1965. The company is a globally renowned manufacturer of a variety of household appliances, including refrigerators, televisions, dishwashers, microwave ovens etc.

Samsung Electronics Co., Ltd, established in 1969, is a global electronics company headquartered in South Korea. The company conducts its business through four divisions- DX, DS, SDC and Harman. Samsung provides a wide range of household appliances through its DX division. Through its Smart Home and Digital Health initiatives, the company has emerged a leader in the Internet of things sector.

Other players operating in the household appliances market include Sony Group Corporation, Whirlpool Corporation, Hitachi, Ltd., Panasonic Corporation, Toshiba Corporation, Midea Group, Electrolux AB, Haier Inc., Westinghouse Electric Corporation, De' Longhi Group, and Nikai Group, among others.

Key Highlights of the Report